Pensioner Loans

This is a loan product for pensioners and pension beneficiaries aged 18 and 68, who receive pensions through POSB accounts. The loans are covered under the FML’s Pensioner Guarantor Plan. In the event that the customer passes away, FML will pay the outstanding loan balance to POSB and the remaining benefit to the deceased customer’s beneficiaries. If the loan is already paid off, the customer’s beneficiaries will have access to the full death benefits.

Requirements for sole traders

A completed contract form for POSB merchant acquiring services.
POSB individual FCA account
Sales projections for at least 3 months
Registration documents:

Copy of trading licence
Lease agreement or title deeds

Current proof of residence for business owner
Copy of ID

Requirements for schools

A formal application requesting for POSB merchant acquiring services.
Constitution/minutes/resolution to become an agent
List of officials responsible for running the agency on behalf of the school
POSB individual FCA account
Registration documents:

Official address of business premises
Registration number from Ministry of Education

Current proof of residence for business owner
Current bank statements for accounts with other financial institutions
Principal, Deputy Principal and Bursar documents:

Copy of ID
Current proof of residence for signatories or trustees

Requirements for partnerships

A formal application requesting for POSB merchant acquiring services.
Profile of the company, business plan or strategy
POSB FCA account
Registration documents:

Tax clearance certificate
Certified copies of trading licence
Lease agreement or title deeds

Current bank statements for accounts with other financial institutions for at least 12 months
Partnership agreement or constitution if applicable
Sales projections for at least 3 months
Individual owners’ documents required:

Copy of ID
Current proof of residence for signatories or trustees

Requirements for corporates

A formal application requesting for POSB merchant acquiring services.
Profile of the company, business plan or project proposal
Sales projections for at least 3 months
POSB corporate or SME FCA account
Registration documents:

Tax clearance certificate
Certified copies of Certificate Of Incorporation
Certified copies of Memorandum and Articles Of Association
Certified copies of CR14 and CR6
Certified copies of trading licence for proposed outlets
Lease agreement or title deeds

Current bank statements for accounts with other financial institutions for at least 12 months
Audited financial statements for the past year
Individual directors documents required:

Copy of ID
Current proof of residence for signatories or trustees

Pensioner Loans

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